XRP could undergo a major shakeup this year thanks to a wave of new ETFs hitting the market. Bitwise, Franklin Templeton and other investment companies are preparing to launch theirs soon, and the Franklin Templeton ETF alone is projected to generate between $150 million and $250 million on the first day. Naturally, everyone is wondering if this level of demand will finally be able to reverse XRP’s weak price action.
Right now, XRP price is down over 15% this week, trading around $2.11 and sitting just above a critical support area. Below we take a look at what’s happening in the market, key chart levels, and our short-term XRP price prediction.
Summary
- XRP is trading around $2.11, down more than 15% this week, sitting just above a critical support level.
- Upcoming XRP ETFs, including Franklin Templeton’s projected first-day trading volume of $150 million to $250 million, could significantly influence price momentum.
- The bulls need XRP to break above $2.20-$2.30 to advance towards $2.60, while a drop below $2.10 could trigger a move towards $2.00 or lower.
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- The market remains bearish unless ETF-driven buying and XRP Ledger developments provide enough momentum for a breakout.
Current Market Scenario: XRP Holds Above Key $2 Support
This week, Ripple (XRP) is likely trading between $2.10 and $2.30, showing continued volatility. Even with the ETF news and continued XRP Ledger updates, the bears are still calling the shots, with momentum and volume pointing in their favor.
However, institutional interest is increasing. He Canary Capital Spot XRP ETF raised more than $58 million on the first day, and with Franklin Templeton, Bit by bitWith 21Shares and Grayscale preparing their own ETFs, XRP could be approaching a major milestone in the adoption of traditional finance.
Bullish Outlook: What XRP Needs for a Bullish Breakout
Even after its recent drop, XRP still has a chance to recover, but it must first overcome a couple of key resistance levels. The $2.20 level is the first major hurdle, and a move above it would show that the bulls are making a comeback. After that, $2.30 is the next test, and surpassing it could push XRP up to $2.60, which could finally turn the sentiment bullish.
Investors are curious to see if the upcoming ETFs will create enough momentum to push XRP higher. With Ledger upgrades continuing and institutional interest on the rise, the short-term XRP forecast remains cautiously optimistic.
Downside Risks: What Happens If XRP Loses $2.10?
On the downside, XRP appears vulnerable. Falling below $2.10 would likely indicate further weakness, with the next key level around $2.00. Beyond that, there isn’t much technical support, so the price could drop even further.
With sellers having the upper hand, the market is more likely to remain in a bearish trend unless an increase in buying comes along to change the momentum.
XRP price prediction based on current levels
The market is closely following XRP as it tests key technical levels this week.
- A decisive move above $2.20 and $2.30 could push XRP towards $2.60, hinting at a bullish reversal.
- On the contrary, falling below $2.10 would likely open the door to $2.00 or lower, maintaining the downtrend.
The short-term trend remains bearish unless the XRP ETFs drive enough purchasing power to cause a breakout. These institutional moves could be game-changers, but
Disclosure: This article does not represent investment advice. The content and materials appearing on this page are for educational purposes only.
